March Transactions:Mar.1Established a petty cash fund of $856. 31The amount of cash in the petty cash fund is now $712. The fund is replenished based on the following receipts: office supplies, $30; selling expenses, $119. Required: Journalize the entries to record the above transactions. Record any discrepancy in the cash short and over account. Refer to the Chart of Accounts for exact wording of account titles.

Petty cash: Petty cash fund is established to pay small expenses like office supplies, postage etc.…

Answered: March Transactions: Mar. 1 Established…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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March Transactions:
Mar.	1	Established a petty cash fund of $856.
	31	The amount of cash in the petty cash fund is now $712. The fund is replenished based on the following receipts: office supplies, $30; selling expenses, $119.

Required:

Journalize the entries to record the above transactions. Record any discrepancy in the cash short and over account. Refer to the Chart of Accounts for exact wording of account titles.

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